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HW #1
Economics 304K: Introduction to Microeconomics
Prof. Meg Ledyard
Due 1/31/08
(25 Points total)
Remember to type the homework except for charts and graphs.
In order to get full credit,
you must show all of your work.
Homework is due in class on the date listed above.
If you
do not staple your homework, please include your name on all pages, and the number of
pages on the first page.
Please include your EID on your Homework, particularly if you use a nickname.
Question 1: (14 points)
Whitney and Lauren are stranded on an island.
Suppose there are two goods they can make
and consume, coats and pairs of mittens. Whitney can produce one coat in 10 min and one
pair of mittens in 40 min. Lauren can produce one coat in 15 min and one pair of mittens in
45 min. Suppose that there are 12 hrs for each of them to work on making coats and pairs of
mittens.
a.
(1 point) Calculate the opportunity cost for Whitney for coats.
b.
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 Spring '08
 Ledyard
 Microeconomics

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